Fatgues Surplus began October 2021 with 80 stoves that cost $20 each. During the month, the company made the following purchases at cost: (Click the ican to view the purchases.) The compary sold 297 stoves, and at October 31 , the ending inventory consisted of 53 stoves. The sales price of each stove was $46. Read the requirements. Requirement 1. Determine the cost of goods sold and ending inventory amounts for October under the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar. urplus began October 2021 with 80 stoves that cost $20 each. During the month, the company made the followin he icon to view the purchases.) ny sold 297 stoves, and at October 31 , the ending inventory consisted of 53 stoves. The sales price of each stov quirements. Data table verage-cost, FIFO, Requirements 1. Determine the cost of goods sold and ending inventory amounts for October under the average-cost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimal places, and round all other amounts to the nearest dollar. 2. Explain why cost of goods sold is highest under LIFO. Be specific. 3. Prepare the Fatigues Surplus income statement for October. Report gross profit. Operating expenses totaled $4,000. The company uses average costing for inventory. The income tax rate is 36%